The Returns On Capital At Shenzhen H&T Intelligent ControlLtd (SZSE:002402) Don't Inspire Confidence
The Returns On Capital At Shenzhen H&T Intelligent ControlLtd (SZSE:002402) Don't Inspire Confidence
If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'll want to see a proven return on capital employed (ROCE) that is increasing, and secondly, an expanding base of capital employed. Basically this means that a company has profitable initiatives that it can continue to reinvest in, which is a trait of a compounding machine. Although, when we looked at Shenzhen H&T Intelligent ControlLtd (SZSE:002402), it didn't seem to tick all of these boxes.
如果我们想找到一个可能成为潜在的多倍投资机会，通常有一些潜在趋势可以提供线索。首先，我们想要看到资本使用回报率（ROCE）有所增长，其次，是资本使用基础扩大。基本上，这意味着公司有盈利的举措可以继续再投资，这是滚雪球的特点。虽然，当我们看深圳市华通智控股份有限公司（SZSE:002402）时，它似乎没有符合所有的标准。
Understanding Return On Capital Employed (ROCE)
上面您可以看到蒙托克可再生能源现行ROCE与之前资本回报的比较，但过去只能知道这么多。如果您感兴趣，可以查看我们免费的蒙托克可再生能源分析师报告，了解分析师的预测。
If you haven't worked with ROCE before, it measures the 'return' (pre-tax profit) a company generates from capital employed in its business. To calculate this metric for Shenzhen H&T Intelligent ControlLtd, this is the formula:
如果您以前没有使用过ROCE，它衡量的是公司从其业务中使用的资本获得的“回报”（税前利润）。要计算深圳市华通智控股份有限公司的这个指标，使用下面的公式计算：
Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)
资产雇用回报率（ROCE）是指企业利润，即企业税前利润除以企业投入的总资本（负债加股权）。如果ROCE高于企业财务成本的承受能力，那么企业就会创造出更多的价值。
0.061 = CN¥340m ÷ (CN¥10b - CN¥4.7b) (Based on the trailing twelve months to March 2024).
0.061 = CN¥34000万 ÷ (CN¥100亿 - CN¥4.7b)（截至2024年3月的过去12个月）。
Therefore, Shenzhen H&T Intelligent ControlLtd has an ROCE of 6.1%. On its own, that's a low figure but it's around the 5.2% average generated by the Electronic industry.
因此，深圳市华通智控股份有限公司的ROCE为6.1％。单独看这个数字很低，但它大约相当于电子产业平均水平的5.2％。
In the above chart we have measured Shenzhen H&T Intelligent ControlLtd's prior ROCE against its prior performance, but the future is arguably more important. If you'd like to see what analysts are forecasting going forward, you should check out our free analyst report for Shenzhen H&T Intelligent ControlLtd .
在上图中，我们已经测量了深圳市华通智控股份有限公司先前的ROCE与其先前业绩的对比，但未来才是更加重要的。如果您想了解分析师对未来的预测，请查看我们的深圳市华通智控股份有限公司免费分析师报告。
What Can We Tell From Shenzhen H&T Intelligent ControlLtd's ROCE Trend?
从深圳市华通智控股份有限公司的ROCE趋势中我们能得出什么结论？
When we looked at the ROCE trend at Shenzhen H&T Intelligent ControlLtd, we didn't gain much confidence. To be more specific, ROCE has fallen from 11% over the last five years. However, given capital employed and revenue have both increased it appears that the business is currently pursuing growth, at the consequence of short term returns. If these investments prove successful, this can bode very well for long term stock performance.
当我们看深圳市华通智控股份有限公司的ROCE趋势时，我们并没有获得太多信心。更具体地说，ROCE在过去五年中已从11％下降至目前的水平。但是，考虑到资本使用和营业收入均已增加，似乎该业务目前正在追求增长，而牺牲了短期回报。如果这些投资证明成功，这对长期股票表现非常有利。
On a side note, Shenzhen H&T Intelligent ControlLtd's current liabilities have increased over the last five years to 46% of total assets, effectively distorting the ROCE to some degree. Without this increase, it's likely that ROCE would be even lower than 6.1%. What this means is that in reality, a rather large portion of the business is being funded by the likes of the company's suppliers or short-term creditors, which can bring some risks of its own.
另外值得一提的是，深圳市华通智控股份有限公司的流动负债在过去五年中已增加至总资产的46％，实际上在一定程度上扭曲了ROCE。如果没有这个增加，ROCE很可能会比6.1％更低。这意味着现实中，公司的相当大部分业务资金来自类似公司供应商或短期债权人，这可能会带来一些风险。
Our Take On Shenzhen H&T Intelligent ControlLtd's ROCE
虽然深圳市华通智控股份有限公司的回报率近年来有所下降，但我们仍然很高兴看到销售额增长以及企业正在重新投资其业务。这些趋势开始受到投资者的认可，因为股票在过去五年中为持股人带来了25％的收益。因此，如果其他基本面证明良好，此股票仍可能是令人感兴趣的投资机会。
While returns have fallen for Shenzhen H&T Intelligent ControlLtd in recent times, we're encouraged to see that sales are growing and that the business is reinvesting in its operations. These trends are starting to be recognized by investors since the stock has delivered a 25% gain to shareholders who've held over the last five years. So this stock may still be an appealing investment opportunity, if other fundamentals prove to be sound.
像大多数公司一样，深圳市华通智控股份有限公司也存在一些风险，而我们发现了两个警告信号，您应该注意。尽管深圳市华通智控股份有限公司的回报率不是最高的，但是请查看此免费的企业列表，这些企业具有良好的资产负债表和高回报率。
Like most companies, Shenzhen H&T Intelligent ControlLtd does come with some risks, and we've found 2 warning signs that you should be aware of.
While Shenzhen H&T Intelligent ControlLtd isn't earning the highest return, check out this free list of companies that are earning high returns on equity with solid balance sheets.
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